Mah Sing and it’s RM1.2 Billion Penang projects

Mah Sing in Penang? The two famous sites would be in Batu Ferringhi or Batu Maung. Hey, both begins with BATU. Haha. Well, in my previous role, I visited its show office in Batu Maung a few times and I think the site offers good potential since it’s really a stone’s throw away from the second bridge. The other main advantage would be the industrial parks were many engineers are based, including my brother and his wife. Many close friends are also staying in Batu Maung landed homes or nearby because when they bought, the prices were considered affordable and not like the over RM1 million price tag of today. Well,there are more choices coming up if one is still thinking about island instead of mainland.
Mah Sing will be launching projects worth RM1.2 Billion in 2016. This includes the upcoming RM735 million Ferringhi Residence 2, the RM350 million Icon Residence at Lebuh Pykett and an unnamed RM150 million project in Southbay City, Batu Maung. All these are projects within the island itself and not on mainland. According to its senior general manager Daniel Law Wei Keong (Mah Sing North) said that Penang properties would contribute between 10 to 12 percent of the group’s total sales for the 2015 fiscal year.
He also revealed that Mah Sing still have RM2.8 billion worth in remaining gross development value (GDV) as well as RM300 million in unbilled sales in its 33-hectare land bank in Penang. In 2015, Mah Sing launched RM2 billion worth of housing projects nationwide and 84 percent of these were below RM1 million. Upcoming launch would be the Ferringhi Residence 2 project which would have built-ups from 1,208 sq ft to 2,910 sq ft and priced from RM775,265. Another mall can be expected for Penang as well. It will be a RM150 million shopping mall within Southbay City which is expected to start operations in mid-2016.
2015 has been a slow year where property transactions are concerned and many of my property industry friends have told me that even though there are potential buyers, the loans are not easy to obtain. A friend just told me about a colleague who has bought a landed secondary property within the island for RM1.4 million. She said, why is it so expensive in Penang? Well, for one thing, an island is still an island. Oh yeah, more reclamations are coming if all the reports are true about it being compensations for the RM26 billion Penang Transport Master Plan. As for those who love Penang for what it is, rest assured, buying today is not likely to be a wrong decision. Just think longer term. Happy loving Penang.
written on 20 Nov 2015
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